Stein Mart (NASDAQ: SMRT) reported Q3 EPS of ($0.24), $0.09 worse than the analyst estimate of ($0.15). Revenue for the quarter came in at $299.5 million versus the consensus estimate of $304.14 million.

Comparable store sales decreased 4.6 percent

Updated 2016 Outlook

Based on our results through the third quarter, we have updated our full year 2016 outlook as follows:

Due to higher markdowns in third quarter 2016 and deleveraging of occupancy costs, we now expect our full year gross profit rate to be lower than in 2015.

We are now estimating SG&A expenses for the full year to be slightly lower than our previous estimate of $360 million.

For earnings history and earnings-related data on Stein Mart (SMRT) click here.